Bayasgalan is 33 years old and lives with her husband, three daughters and son in Uvs province in Mongolia. All six members of the family live in a ger, a traditional Mongolian nomadic tent.
Not only do both Bayasgalan and her husband work in the family’s traditional shoe-making business, but the three girls help out as well. These traditional shoes are very popular during Mongolian holidays and celebrations.
Bayasgalan began her business in 2003, and only made one type of traditional Mongolian shoe, the Bayad. However, after experiencing success with the first type of shoe, she expanded her business to not only include several different types of traditional shoes, but employed two assistants as well.
Bayasgalan has the ability to not only create quality shoes, but beautiful shoes as well. Her dream is to one day own her own shoe-making factory and be able to hire more employees. She is requesting a 2,000,000 tugrug loan in order to purchase a sewing machine and materials in order to increase sales.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.